Are you looking for ways to increase your passive income? Most people rely on a full-time or part-time job as a source of active income. However, if you are smart about it, there are other ways you can earn money too. Diversifying your income stream also helps you boost your savings and secure your financial future. In this blog, we will discuss tips on how to increase your income. Let’s begin.

1.     Participate in Paid Surveys

 Did you know that you could get paid for participating in a survey? Numerous market research companies recruit participants to fill out surveys. You can get paid between $1 and $7 per survey. Each survey only takes about 5 minutes to fill. Some survey sites also offer rewards in the form of gift cards and vouchers.

You can try out popular survey sites such as Swagbucks, Toluna, Branded Surveys, LifePoints, OnePoll, Valued Opinions, and of course our top pick Survey junkie.

2.     Try Affiliate Marketing

If you are wondering how to increase your income, we recommend setting up a blogging website. You can use it to generate high-quality content. Once your blog starts getting some traction, you can promote other brands and earn money through affiliate marketing.

Affiliate marketing involves promoting a third-party product or service by adding a link to it on your site. When someone clicks on the link to make a purchase, you can earn a commission. This usually ranges between 3 to 7 percent.

You can start small and build your way up. If successful, affiliate marketing can help you earn quite a bit of money. To make the most of this option, we recommend choosing a lucrative niche you are passionate about. You’ll need to post blogs regularly to drive significant traffic to your website, and good content is vital for this.

3.     Invest in Blue-Chip Stocks

 If affiliate marketing sounds like too much work, you can always try investing in blue-chip stocks. There are two ways to earn money here. You can:

• Buy and hold stocks and earn money through dividend payments made at the end of the year (this depends on which shares you buy)
• Buy stocks and sell them when their price increases to earn a profit

Remember, there is a certain amount of risk attached to the stock market. If you are new to investment in securities, we recommend starting small and buying a few shares. It would also help if you invest in blue-chip stocks and steer clear of penny stocks. Penny stocks are cheaper in comparison, but they are highly volatile. There is also limited information available on them. You could risk losing a lot of money if you invest in these stocks.

In comparison, blue-chip stocks belong to well-established companies. They are financially sound and have a history of being profitable. Some examples of companies with blue-chip stocks include Apple, Disney, Coca-Cola, Johnson & Johnson, etc.

For more information, click here to read our blog on the top 5 sectors to invest in this year.

4.     Invest in a REIT

Here’s another tip on how to increase your income: Invest in a real estate investment trust (REIT). These are companies that own and manage real estate properties. You can purchase a REIT on the stock market like company stock. The REIT will pay out a dividend that can help you earn passive income. The best REITs tend to increase their dividend yield annually. You can examine the historical dividend payments for a REIT before making an investment. A few other things to look out for include:

• Has the REIT witnessed growth in earnings?
• Is it maintaining low costs?
• How is the real estate market performing?
• Who is on the management team?

REITs are sensitive to economic conditions. If a REIT isn’t able to generate enough money, it can reduce its dividend payments. There’s also a chance that the REIT will stop making dividend payments altogether. If this happens, you may lose your source of passive income temporarily.

Click the Link Below to see our top pick for investing in REITs.

5.     Become an Uber/Lyft Driver

If you have a car and some time on your hands, you could always become an Uber/Lyft driver. It’s something you can do on the side and boost your income. One of the biggest advantages of becoming an Uber or Lyft driver is that you get to maintain a flexible schedule. You can choose your hours and drive when you have the time for it.

Minus the costs you bear, the average income of an Uber and Lyft driver is from $8.55 to $11.77 per hour. This may not be a lot if you become a full-time driver. However, if you use it as a side-hustle, it can increase your earnings. Some of the factors that impact how much you earn through Uber and Lyft include:

• Driving during peak hours and earning more through surge pricing
• Driving in the city vs. suburban and rural areas
• The number of hours you work
• Getting good tips from customers

6.     Rent Out Your Home or a Room Short-term

If you are going away on a short vacation, you could rent out your home on a short-term basis until you return. You could also put a spare room on rent and earn money through rental income. Compared to other side-hustles you can pick up, this is relatively the easiest way to earn money. It requires minimal effort.

However, you need to make sure you vet tenants when you do this. Good tenants can provide recommendations from previous landlords. You should also establish terms and conditions regarding any damage caused to the property.

In a Nutshell: How to Increase Your Income

If you were looking for ways on how to increase your income, we hope this post proved useful. Remember, there are numerous things you can do to earn more money. It depends on your lifestyle, interests, and the tools you have at your disposal.

Playing to your strengths allows you to make the most of an income stream. You also need to make sure that a side-hustle doesn’t impact your actual job.

Did you find this blog useful? Keep following Rykerblogs for more articles on personal finance and investments!

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